Understanding Exponential Growth Models: Key Concepts and
School
Assumption University, Thailand**We aren't endorsed by this school
Course
SOCI 315
Subject
Economics
Date
Dec 10, 2024
Pages
1
Uploaded by ProfessorArt15787
1. What is the first step in solving for the growth factor in an exponential growth model?A) Identify the initial value B) Determine the time period C) Calculate the final value D) Establish the growth rate 2. If a population grows from 500 to 800 in 3 years, what is the approximate growth factor per year?A) 1.2 B) 1.5 C) 1.1 D) 1.3 3. In the equation \( P(t) = P_0 \cdot (1 + r)^t \), what does \( r \) represent?A) The initial population B) The total population after time \( t \) C) The growth rate as a decimal D) The time period in years 4. A company's revenue increased from $200,000 to $350,000 over two years. What is the annual growth factor?A) 1.25 B) 1.15 C) 1.75 D) 1.10 5. Which of the following formulas correctly represents the growth
